SELECT * FROM question_mgmt as q WHERE id=10229 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=609 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED)

Question:

Suppose the price elasticity of demand for a good is – 0.2. If there is a 5 % increase in the price of the good, by what percentage will the demand for the good go down?

Answer:

e d= -0.2 [Note that ed = -2. Hence we need not prefix ed to (-2)]
Percentage change in price = 5%
e d=
0.2=
1.0 = percentage change in demand
= 1%


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